A Story About Paying Off Debt and the Obstacles Along the Way

Finances After 40 #2: Building Her Business, Finding Her Purpose (Kassandra's Story)


I'm thrilled that the second installment of Finances After 40 features 42-year-old Kassandra Dasent,  personal finance consultant and owner of Minding Your Money, LLCKassandra's goal is to help people "go from broke to woke". She offers personal coaching and hosts monthly Facebook Live video events in which she discusses financial topics and challenges, particularly those that pertain to Gen X. This August, she's slated to speak at the Fearless Women's Summit in Ottawa and the Lola Retreat in Seattle. 

Kassandra is one of the most thoughtful, generous, and genuine people I've met in the personal finance community, and as you'll see, her story is inspiring. Over to you, Kassandra!

"At the core, everything I do is for the betterment of my family and others; my work has a fundamental purpose."

I live in Orange Park, FL with my sound engineer husband and our adorable dog Riley. I and am a long-distance stepmother to our 11-year-old son who lives in Trinidad. I am also a long-distance caregiver to my elderly mother who resides in Montreal, QC, Canada.

I not long ago quit my well-paid corporate job as a software project manager in Engineering in order to preserve my mental health and start my own business, Minding Your Money, LLC. I am a personal finance consultant, educator and speaker who primarily serves Gen X women and the disadvantaged. In addition, I am a singer-songwriter and perform live as often as I can. I love to travel, and I am fluent in French.

Kassandra's Current Financial Situation


We are not yet financially independent, but we are in a healthy financial position. I paid off $55K of consumer debt in 2012 and have maintained a debt-free status for 6+ years. We only have our mortgage left and hope to pay it off within the next five years. We have self-directed retirement accounts and a brokerage account. We have enough saved in our Kiss Off Fund to have afforded me to quit my corporate role and fund my business venture.

"I can afford the time to teach and share with women what they can do to create their own definition of wealth regardless of their starting point."

Due to our late start investing for retirement (late 30s), we usually max out our contributions every year, in order to give us the best possible shot of a decent retirement. Since I started the business this year, I am not certain what we can contribute to our accounts, which irritates me and makes me slightly anxious. For 2019, instead of immediately investing our cash, we will keep it in a high yield savings account and make our investing decisions near year end. I do regret that I did not save a lot more for my retirement when I was in my twenties and early thirties. Those lost years to a debt lifestyle have a lasting financial effect, but what is done, is done.

Work With A Fundamental Purpose


I'm proud of being able to afford the time to build my business. Having saved up enough money to be able to take a step back and identify what I truly want to do is something I am very proud of us accomplishing. We were able to buy a measure of freedom. Having the means to pay some of the costs for my mother’s private residence and care and helping out other family members is also a source of pride for me. At the core, everything I do is for the betterment of my family and others; my work has a fundamental purpose.

I firmly believe that we will attain a level of financial wealth that will allow me to truly make a lasting impact on the lives of others. Not solely from a charitable standpoint, but I can also afford the time to teach and share with women what they can do to create their own definition of wealth regardless of their starting point. I especially want to encourage people of color to build generational wealth. I have already started to do this through my business, but I want to magnify my efforts.

Tackling Finances After 40: Kassandra's Perspective


There is a sense that many women 40+ are struggling with where they are in life. They are asking themselves, “Is this all there is to life?” Feeling unfulfilled or devalued in the workplace or at home, dealing with the pressures of life, raising children, caring for other family members, rising costs for just about everything we consume, not having enough or anything saved for retirement. It feels overwhelming and there is a financial impact and cost that compounds the anxiety of not being able to do enough for themselves and/or their families.

"There is a sense that many women 40+ are struggling with where they are in life. They are asking themselves, 'Is this all there is to life?'"

Without a doubt, present and future healthcare costs is the biggest concern. My husband and I are both self-employed and pay a high cost in monthly premiums. I was born in Trinidad and lived the majority of my life in Canada, before immigrating to the USA in late 2013. As a Canadian, I often took it for granted how accessible and affordable basic health care was to me, until I moved to the States and learned how the healthcare system operates and its complexity.


Advice For Other Women


If I could turn back time and impart wisdom on my younger self, I would tell her to never marry her self worth to her net worth and to not numb her pain through mindless spending. I also married my ex-husband when I was 24 and divorced him at the age of 30. Although living through the divorce was a very painful process, I know that it was absolutely the best decision for both him and myself. My ex-husband and I are both thriving in life and that is a desirable end result.

"Focus on building your self-esteem and financially advocate for yourself, whether in the workplace or as a business owner."

I encourage women to savour their youth and take advantage of it as well. It may not feel fun to save and invest, but if they do, they will surely thank themselves down the road. They have time to weather the fluctuations of the market, so it’s important to educate themselves about investing and make financial decisions from a place of confidence. Also, they should focus on building their self-esteem and financially advocate for themselves, whether in the workplace or as a business owner.

How To Reach Kassandra


Her website and blog: www.kassandradasent.com
Email: kassandra@kassandradasent.com
Facebook: Minding Your Money
Twitter: @kassandradasent
Instagram: @kassandradasent
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8 comments:

  1. Great lessons to be had here. Like her, I waited too long to get serious about retirement (and I don't even have a debt lifestyle to blame for it -- just procrastination and anxiety), and am similarly kicking myself. But as she said, what's done is done. At least we're both taking strides now to deal with retirement.

    I'm not quite sure why she thinks she can't contribute to retirement because of her business, but then again I don't know all the intricacies of retirement accounts so there could be something I'm missing. I'd urge her to consult a CFP at least once to find out what her options are. At the very least, she's probably eligible to create a SEP or individual 401(k) plan that would let her contribute.

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    1. Hi Abigail, thanks for commenting and I enjoyed your reading your perspective in the first installment! I know that I can contribute to retirement and I already have a Solo 401k. The issue is that with running a business, cash flow is imperative so I prefer to conserve cash for most of this year until I know whether I need more of it, as opposed to immediately deploying the funds into the market. At year end, I'll make my retirement contributions.

      Thank you @76kProject for inviting me to share my thoughts about Finances After 40!

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  2. Ahhh, this series is so good! Kassandra, thanks for sharing your story! I'm in my early twenties and right now we're very focused on debt payment, but we're still contributing to our 401ks, and half the time I question this decision because I really want the debt gone, but it's so good to hear other people remind me just how important investing is for our future. :-D

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    1. Hi Moriah! Thanks for taking the time to read it. I know the feeling of wanting your debt gone. I did focus on paying off my debt almost exclusively to everything else and it took about 3.5 yrs instead of the planned 5 yrs. However, if you get employer matching contributions, or bonuses or any extra money, I wholeheartedly support taking a portion and investing in your retirement while you're paying off debt.

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  5. Somehow I missed that you were speaking at Lola in Seattle (or I forgot?). PLEASE let's make some time for tea while you're here :)

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